One of the least discussed topics before couples marry is usually finances. One of the most discussed topics when a couple decides to end their marriage, however, is usually finances. It is critical to discuss finances before marriage, and a prenuptial agreement opens the door for this very important discussion.
What Is a Prenuptial Agreement?
A prenuptial agreement is a legal document that serves as private agreement between two people who intend to marry. In a prenuptial agreement, the parties define how the couple’s assets and property will be divided in the event of divorce or death. A prenuptial agreement may be narrow or broad in its scope, depending on the individual needs of the couple. The issue of spousal support may be included in the agreement, but there are no specific requirements. Without a prenuptial agreement, the couple will be required to reach an agreement later on, or their assets will be divided by the Illinois state laws governing divorce if the couple elects to terminate their marriage.
Understanding Emotions Around Prenuptial Agreements
In popular culture, prenuptial agreements are often seen in a negative light. They are generally viewed as an uncomfortable topic of conversation that indicates one person is either planning for the marriage to fail or trying to gain an advantage over their partner. Unfortunately, these common misconceptions can lead couples down a stressful and detrimental path if they elect to marry without a prenuptial financial plan....